AeroPay, a Chicago, IL-based digital payments platform powering bank transfer payments for businesses, closed a $5+m funding round.
The round was led by Chicago Ventures, with participation from Continental Investors.
The company intends to use the funds to recruit new talent and build out additional features of the product.
Led by Daniel Muller, CEO & Founder, AeroPay provides an API-driven platform that currently processes payments for hundreds of brick-and-mortar and eCommerce businesses including non-profits, restaurants, retail, technology, and cannabis.
While AeroPay services all verticals, the company has seen significant success with cannabis businesses since launching into the industry. In 2020, the State of Illinois surpassed $1 billion in legal cannabis sales. The industry as a whole is estimated to contribute $130 billion to the economy by 2024.
AeroPay utilizes strategic partnerships with other ancillary technology providers such as Blackbird, a cannabis software and delivery company, and Olla, an eCommerce platform built for cannabis retailers, to accelerate their growth in the space.